President Muhammadu Buhari on Wednesday proposed a supplementary budget of N819, 000, 536, 937 for the 2022 fiscal year.
This was contained in a letter to the Green Chamber which was read by the Speaker, Femi Gbajabiamila at the commencement of the plenary session
According to President Buhari, the supplementary budget request would be financed through additional domestic borrowings.
This new request would raise the budget deficit for 2022 to N8.17 trillion and the deficit GDP ratio to 4.43 percent.
The President said that the year 2022 had witnessed the worst flood incidents in recent history in the country which had caused massive destruction of farmlands at the point already close to the harvest season.
This, he said, may compound the situation of food security and nutrition in this country.
He said the flood also devastated the road infrastructure across the 36 states and the Federal Capital Territory (FCT) and it affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services.
The President said that the water sector was also affected by the flood and that there was a need to complete some ongoing critical projects that have achieved about 85 percent completion.
He explained that the nine critical projects proposed in the sector cut across water supply, dam projects, and irrigation projects nationwide.
According to him, ” I have therefore approved the supplementary 2022 Appropriation of N819, 000, 536, 937, all of which are capital expenditure,” the President said.
The Speaker then referred the request to the House Committee on Appropriation for further legislative action.
In another development, the House also considered and passed the Report of the Committee on Power on the issue from the Statutory Revenue Fund of the Federal Government Power Company Limited, the total sum of ₦95, 261, 665, 187.
This followed the presentation of the report by the Chairman of the Committee on Power, Hon. Magaji Da’u Aliyu.
presenting the report, Hon Aliyu said, “That the House do consider the Report of the Committee on Power on the issue from the Statutory Revenue Fund of the Federal Government Power Company Limited, the total Sum of ₦95, 261, 665, 187.00 (Ninety-five billion, two hundred and sixty-one million, six hundred and sixty-five thousand, one hundred and eighty-seven naira) only is for total expenditure, out which the sum of ₦2, 823, 904, 716 (Two billion, eight hundred and twenty-three million, nine hundred and four thousand, seven hundred and sixteen naira) only is for overhead costs while the sum of ₦867, 800, 471 (eight hundred and sixty-seven million, eight hundred thousand, four hundred and seventy-one naira) only is for Personnel Costs, while the sum of ₦91, 569, 960, 000 (ninety-one billion, five hundred and sixty-nine million, nine hundred and sixty thousand naira) only is Capital Expenditure for the year ending 31 December 2022.”
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